This is about driving off the lot in a NEW car. It does not matter to these buyers that they are usually far outpacing the median price per square foot for the market. They are the market.
– Realtor Eric Rojas, on the continued appeal of new construction homes like the ones at Wrightwood Crossing in Lincoln Park, where buyers are spending top dollar for three- and four-bedroom condos ($381 per square foot in at least one case).
My partner Bob uses the “new car” anology when describing purchasing new construction. He goes on to explain the the new construction purchase, like the car, should be viewed as a depreciating asset in this market. It’s probably worth less the second you close on it and move in. Even if you can sell the home in the next few years fro more, you would pay transaction costs, maintenance etc…
Still, many buyers prefer new construction if in their budget.